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Bitcoin advocate and entrepreneur Anthony Pompliano shared his vision for how incoming US President Donald Trump could play a pivotal role in boosting Bitcoin’s mainstream adoption and value. In a short video on X, Pompliano laid out three critical actions Trump could take to significantly enhance Bitcoin’s position within the US economy.  3 Ways Donald Trump Could Help Bitcoin Soar The first change Pompliano asked for was the repeal of a controversial accounting rule known as SAB-121. This rule currently requires banks to treat digital assets, like Bitcoin, as liabilities on their balance sheets.  “If you’re a bank, you don’t want to custody an asset that counts as a liability,” Pompliano explained.  Removing this rule would encourage banks to hold Bitcoin, making the asset more secure and attractive for institutional investment. Pompliano’s second proposal was the creation of a National Bitcoin Strategic Reserve.  “The US government is going to hold more Bitcoin,” he said, referencing the $200,000 already held on the federal balance sheet.  He suggested that the US should actively buy more Bitcoin, positioning it as a long-term economic asset.  “It’s good for the US economy over the long run for the United States to have more Bitcoin,” he added. Pompliano emphasized Bitcoin’s benefits for individuals, corporations, and, by extension, the nation itself. Interestingly, there is now rising global debate around BTC’s role as a national reserve asset. In fact, it was reported that 13 US states are moving ahead with Bitcoin Reserve plans. Lastly, Pompliano recommended a shift in Bitcoin’s tax treatment. Currently, Bitcoin is classified as property, meaning that when used to purchase goods or services, it triggers capital gains tax, a treatment he sees as unfair.  “That’s crazy, You don’t do that with dollars,” Pompliano said. Instead, he proposed treating Bitcoin like any other currency, with…

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Filed under: News - @ January 15, 2025 7:23 am